Bulletins

Expensify shares soar in IPO

"People really see that there is a way to capture a huge fraction of a market that's been largely overlooked," CEO David Barrett said.

Expensify CEO David Barrett

Expensify shares soared as the expense management company went public.

Photo: Expensify

Shares of Expensify soared more than 45% as the expense management company began trading on the Nasdaq on Wednesday. Expensify priced its IPO at $27 a share at a $2.18 billion valuation. The stock climbed more than 45% at $39.20 in midday trades.

"It's a pretty exciting time," Expensify CEO David Barrett told Protocol shortly before the trading began. "It's a huge, huge market opportunity. And I think people really see that there is a way to capture a huge fraction of a market that's been largely overlooked."

Benjamin Pimentel

Benjamin Pimentel ( @benpimentel) covers crypto and fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at bpimentel@protocol.com or via Google Voice at (925) 307-9342.

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